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Insights Daily Current Events: 26 November 2015

Insights Daily Current Events: 26 November 2015

Paper 3 Topic: environment.

2015 set to be ‘hottest year on record’, says UN

The U.N. weather agency has said that 2015 will be the hottest year on record and 2016 could be even hotter.

Why?

  • Due to a combination of a strong El Nino and human-induced global warming.

The El Nino weather pattern, marked by warming sea-surface temperatures in the Pacific Ocean, also causes extremes such as scorching weather and flooding. Meteorologists expect El Nino to peak between October and January and to be one of the strongest on record.

Other notable observations made:

  • Global average surface temperatures in 2015 are likely to reach the symbolic and significant milestone of 1° Celsius above the pre-industrial era. A preliminary estimate based on data from January to October showed that the global average surface temperature for 2015 was around 0.73 °C above the 1961-1990 average of 14.0°C, and approximately 1°C above the pre-industrial 1880-1899 period.
  • The years 2011-2015 have also been the hottest five year period on record, with temperatures about 0.57 °C (1.01 degrees Fahrenheit) above the 1961-1990 reference period. Global ocean temperatures were unprecedented during the period, and several land areas — including the continental United States, Australia, Europe, South America and Russia — broke previous temperature records by large margins.
  • Next year may yet be even warmer, since levels of greenhouse gases in the atmosphere have risen to a new record every year for the past 30 years, and the El Niũo phenomenon is likely to continue into 2016.

sources: the hindu.

 

Paper 3 Topic: money-laundering and its prevention.

New Agency to Give Teeth to A|c Fraud Probes

The government is planning to establish a robust mechanism for faster inquiries into scams such as the one at Satyam Computer Services, which overstated earnings for several years under a previous management.

  • In this regard, the government will soon set up a specialised agency to investigate large corporate accounting frauds.

Details:

  • The agency was first suggested in the aftermath of the Satyam fraud.
  • The threshold of accounting frauds to be probed by the upcoming agency is likely to be 500 crore and above.
  • The agency will have an overarching role to regulate chartered accountants as well as set standards. It will have forensic auditors on its panel as well.
  • The agency will also be solely in charge of setting up and revising accounting standards and will have professionals from industry and several government bodies on its panel.
  • At present, the Institute of Chartered Accountants of India (ICAI) has authority to investigate and take disciplinary action in cases in which an auditor is involved. Any fraud below the threshold set by the government could still be investigated by the professional association.

The proposed agency is expected to perform the following functions:

  • Examine accounting frauds of certain classes of listed companies.
  • Investigate auditing and accounting frauds, either suo moto or on referral by the Centre.
  • Ensure swift probes.
  • Penalise audit firms in case they are found guilty of misconduct. Penalty could also include the disbarment of such audit firms.
  • Monitor and enforce compliance and oversee quality of service of professionals in the industry.
  • Make recommendations on formulation and laying down of accounting and auditing standards for companies.

A recent study by Assocham and Grant Thornton India said there was a 45% increase in Indian corporate fraud in the past two years.

sources: toi.

 

Paper 2 Topic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

Anju Bobby George appointed TOPS chairperson

Former long jump champion Anju Bobby George has been appointed as the chairperson of Target Olympic Podium Scheme (TOPS).

  • The sports ministry has cleared her appointment. The post was vacant after the resignation of BJP parliamentarian and Board of Control for Cricket in India secretary Anurag Thakur.
  • Anju is the only Indian to have won a medal at World Championships (Paris, 2003). She is presently a member of the TOPS’ identification committee.anju-bobby-george

About Target Olympic Podium Scheme (TOPS):

  • The Target Olympic Podium Scheme (TOPS) was formulated under the National Sports Development Fund (NSDF) with the objective of identifying and supporting potential medal prospects for 2016 and 2020 Olympic Games.
  • Under this scheme, the focused disciplines will be Athletics, Archery, Badminton, Boxing, Wrestling and Shooting.

About National Sports Development Fund (NSDF):

The National Sports Development Fund (NSDF) was established by the Ministry of Youth Affairs and Sports (MYAS) in 1998.

  • It was established with the objective of mobilizing resources from non-government resources, including private/public sector and non-resident Indians for the promotion of sports and games in the country.
  • The funds available under NSDF are mainly used towards supplementing government assistance to the elite sportspersons who are medal prospects at major international events, for meeting their specific coaching/training requirements by way of provision of scientific support and training within the country and abroad, purchase of equipment, participation in international competitions etc.
  • The objectives of the fund also include construction of sports infrastructure, taking up research projects and development studies and promotion of international cooperation.

sources: livemint.

 

Topic: General awareness.

Modi greets people on first Constitution Day

The first constitution day is being observed across the country today.

Why today?

It was on November 26, 1949, that the Constitution was adopted in the Constituent Assembly following which the Constitution came into force on January 26, 1950.

sources: the hindu.